GlobeTel Announces Marketing Agreement With Travelex
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Dec. 22, 2005--GlobeTel Communications Corp. (AMEX:GTE) today announced that it has signed, along with GlobeTel's venture partner, Grupo Ingedigit (GI), a marketing agreement with Travelex Currency Services, Inc. (Travelex).
Under this marketing agreement GlobeTel and GI are providing a technological and commercial solution that enables Travelex to offer its Travelex Money Transfer (TMT) service to thousands of retail merchants strategically located throughout the USA. Specifically, the TMT service will be faster and more convenient for these retailers to administer and will enable TMT to better meet the demand of the large and growing population in the U.S. that regularly sends money within the U.S. and abroad.
GlobeTel expects to begin implementing the solution exclusively with Travelex starting in early January, with a major rollout planned during 2006.
About Travelex and Travelex Money Transfer
Travelex is the world's largest foreign exchange specialist, with offices in 35 countries, nearly 700 retail branches and 16,000 commercial customers. The company's retail branches are located at key airport, seaport and rail locations, in addition to worldwide tourist and business centers. Nearly 40 percent of the world's airline passengers, over 1.3 billion people, pass through airports at which Travelex's business operates. This includes the major gateways at London, New York, Hong Kong, Frankfurt and Sydney. Travelex operates two North American foreign exchange trading floors - located in New York City and Toronto. The company has strategic partnerships with leading global organizations including: American Automobile Association (AAA), British Airways, The Royal Bank of Scotland, Barclays Bank and The Bank of New York. Travelex is the world's largest non-bank provider of Commercial Foreign Exchange services, one of the world's leading providers of outsourced travel money and one of the world's oldest issuers of Travellers Cheques. In North America, Travelex is also a leading provider of travel insurance products and services.
Travelex Money Transfer is a wholly owned subsidiary of Travelex PLC. Launched in the United States and Canada early in 2004, TMT has rapidly expanded its international agent network providing money transfer services at very competitive rates using a web-based platform to complete transactions accurately and expediently. TMT currently offers its money remittance service in more than 130 countries.
About Grupo Ingedigit:
GI is a well established international financial transaction processor certified by MasterCard International and other financial networks, and the leading electronic financial transactions services backbone provider for the banking industry in Venezuela. GI software and processing platform currently supports major international bank sponsored financial services programs.
About GlobeTel Communications Corporation:
GlobeTel Communications Corp. is a diversified Telecommunications and Financial Services company. GlobeTel operates business units in stored value debit cards, as a certified financial transactions processor; the sale of carrier-grade VOIP of long distance to major long-distance resellers, VOIP technology, wireless radio technology and development, and high-altitude airship research and development. These self-contained business units were developed to operate independently of each other. The symbiotic relationship, however, provides value to each of the other business units. This strategy offers GlobeTel financial diversity and risk mitigation while striving toward its operating objectives. GlobeTel's International Stored Value technology creates an almost unlimited spectrum of new solutions and business opportunities which are expected to significantly increase its revenues and profits.
Operating on a global basis, GlobeTel has operations and business relationships in the U.S., South America, Mexico, the Caribbean, Asia, and Europe.
For more information, please go to: http://www.globetel.net.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements. The agreement with Travelex does not provide for guaranteed revenue to GlobeTel. Therefore, while GlobeTel believes that the agreement is of significant value, there are no guarantees that said revenue will materialize. Sanswire Networks and the launch of the Company's high altitude airshipare subject to various risk factors and investors should construe any such investment as speculative. The above are more fully discussed in the Company's SEC filings.
GlobeTel Communications Corp., Fort Lauderdale
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